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Brainworks trims stake in fintech GetBucks

The company had said previously it wants to exit financial services and focus on hospitality,
Sales will raise US$565,000

Brainworks Limited (JSE:BRA) has cut its stake in Zimbabwe fintech group GetBucks to reduce its short-term debt.

The Johannesburg-listed group raised US$565,000 from the disposal, which comprised sales of shares to Stodaflo and related company Fodnort.

WATCH: Restructure sees Brainworks Ltd dispose of financial services assets

Brainworks had said previously it wants to exit financial services and focus on hospitality, which include hotels near to Victoria Falls in Zimbabwe, and real estate.

GetBucks reported net profit after tax of US$2.58mln for the six months ending December 2017 and had total net assets of US$15.5mln.

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Brainworks Limited Timeline

October 16 2017

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